|
| |
short sale: Short sales and recourse status - 02/26/08 10:04 AM
I looked at the web discussions about recourse and non-recourse loans and then opened the textbook. Purchase money loans are non-recourse..even if junior lien. Subsequent loans and refis not protected by anti-deficiency measures.
The big gap in textbook and discussion on web.. 80/20 purchase money scenario that used a credit card type HELOC as the second purchase money loan. Is the HELOC recourse in this situation if the 1st position lender forecloses non-judicially?
My query regaards CA only.
… (1 comments)
|
short sale: Short sales - 02/25/08 03:40 PM
Useful rule of thumb..average cost to foreclose 55 to 70 K
Short sale offers of less than average loss more likely accepted.
Offers should stress buyer's committment and patience with short sale process. This may prevail over a higher offer with less committment.
Buyers be advised that banks will likely retain right to have seller accept other offers (offer, not back-up) even after a short sale offer accepted. Bank name isn't on the sales contract.
For those selling short:
A waiver of a security mutually agreed to between the lender and borrower (short seller) to avoid foreclosure may result in a secured debt becoming recourse debt (unsecured).
Original purchase money … (0 comments)
|
|
|
|
|
|
Gary Ginsberg
Danville,
CA
More about me…
Area Pro Realty NorCal
Cell Phone: (925) 366-4550
Email Me
Gary Ginsberg's Danville Real Estate Blog
 Links
Archives
|
|
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2012 ActiveRain Corp. All Rights Reserved
;)
;)